Building a Practical College Degree for the New Economy
This is not a great time to be a recent college graduate.
Average student-loan debt is $29,400. The underemployment rate is 44 percent for graduates ages 22 to 27, meaning they are holding jobs that don’t require bachelor’s degrees. And the average age of financial independence for college graduate these days is 30.
Such statistics have given rise to the narrative that a college degree is no longer worth it, although volumes of economic studies on lifetime earnings prove otherwise. Even so, given the number of college graduates struggling to launch their careers, a wide gap has emerged between what the workforce needs in employees and what colleges are producing in graduates.
Part of the problem is that we have high expectations for the bachelor’s degree today. Thirty years ago, when fewer people required a higher education to get ahead in life, the bachelor’s degree was seen as a vehicle for broad learning. The training part came later by going to graduate school or getting a job where the new employer trained you.
Now we demand that skills training move in tandem with broad learning, and expect both to be completed in the four years of an undergraduate education. For too many students, however, the bachelor’s degree is not providing that dual experience - high-impact, in-classroom learning and out-of-the- classroom, experiential, and hands-on learning necessary for success in today’s economy.
Because of student loan debt, graduate or professional school is no longer an option for many recent college graduates. They’re searching for quick and cheap add- on boot camps that give them what they’re missing. And a whole new set of providers are emerging outside of the traditional higher-education ecosystem to provide that lift.
Last year, General Assembly, which offers courses of a few hours to a few weeks in everything from digital marketing to web development, expanded to Washington, DC, where it is selling out of nearly all of its offerings. Its average student is in his mid-20s and just a few years out of college.
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